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Boss Resources Ltd appoints ex-Kalahari Resources founder as chairman

Published: 13:30 26 Apr 2016 AEST

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Boss Resources Ltd (ASX:BOE) has appointed experienced uranium executive and ex-Kalahari Resources Plc founder, Mark Hohnen as chairman of the board of directors.

Boss has increased the resource base at its Honeymoon project by 330% to to 52.5 million pounds of contained U3O8 at 640 parts per million since its acquisition in December 2015.

Under Mark Hohnen, Kalahari Resources increased in market value on London's AIM exchange from Stg£15 million in 2006 to be valued at $US2.2 billion in a corporate transaction in 2012. Along the way, Kalahari Resources Plc was valued at Stg£750 million in 2011.

Currently Mr. Hohnen is a board member of Swakop Uranium, the owner of the Husab uranium project. Husab is the world’s second largest uranium operation in terms of production with construction of a 15 million pounds of uranium per annum mine and a treatment plant nearing completion.

He will also invest $500,000 into Boss via a share subscription at $0.03 per share for a total of 16,666,667 shares.

Boss has also agreed to place up to 18.5 million performance rights to Hohnen subject to shareholder approval.

Evan Cranston will transition to the role of corporate director and Peter Williams will transition to a non-executive director.


Honeymoon uranium project

The company plans to commence a targeted exploration and drilling program next quarter to continue expanding the project’s current resource.

Honeymoon, despite its current status, remains a fully permitted uranium operation – one of only four such in Australia.

The project also has A$170 million worth of plant and infrastructure already in place, with the unique option of commencing production with low Capex and large resource base.

Boss has embarked on an option study to look at how new metallurgical technology may be used with existing plant and infrastructure.

It is targeting cash costs of less than US$25 per pound.


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